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TMI Blog2023 (10) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... I 323 - SUPREME COURT] cannot be stated to have been violated or ignored because if the assessee would be able to prove identity of the lenders, then the creditworthiness and genuineness, as held by the CIT (A), are already proved. In such cases, there cannot be any addition under section 68 In view of the above facts emerging from the record as well as in view of the fact that the Tribunal has remanded the matter back to the Assessing Officer by partly allowing appeal of the Revenue, no question of law much less any substantial question arises. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MR. JUSTICE BHARGAV D. KARIA Appearance: For the Appellant(s) No. 1 : Karan G Sanghani (7945) For the Opponent(s) No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) Whether on the facts and in the circumstances of the case and in law the Hon ble ITAT has erred in deleting the addition of Rs. 20,87,54,237/- made on account of unexplained cash credit u/s. 68 of the IT Act, 1961? 3. Brief facts of the case are that the respondent-assessee who is partner in a firm declared the income from house property, income from capital gain, share of profit from partnership firm and income from other sources. 4. During the course of the assessment proceedings, for the Assessment Year 2014-15, the Assessing Officer on verification of the balance sheet as on 31.03.2014 found that during the year under consideration, the assessee received unsecured loan amounting to Rs. 30,60,25,000/-. The Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and thereafter made an addition of Rs. 20,87,54,237/- under section 68 of the Act. 8. The assessee, being aggrieved by the such additions preferred appeal before the CIT (Appeal) after recording detailed reasons deleted such addition on the ground that the assessee has discharged the onus of explaining the creditworthiness and genuineness and identification of the persons who have advanced unsecured loans to the assessee. 9. The Revenue therefore preferred appeal before the Tribunal. The Tribunal, after considering the facts of the case as well as the findings of the CIT (Appeal), remanded the matter back to the Assessing Officer to verify the identity of the parties and to decide the matter in accordance with law after giving opportu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore submitted that the Tribunal, instead of deciding the appeal in favour of the Revenue, has remanded the matter to the Assessing Officer to examine only the identity of the lender parties by ignoring judicial finding of Assessing Officer with regard to creditworthiness of the parties and genuineness of the transaction. 14. It was therefore submitted that the appeal requires consideration and it may be admitted on the substantial questions of law raised by the Revenue. 15. Having heard learned advocate for the Revenue, we are of the opinion that the Tribunal, after considering the facts as well as the findings of CIT (A) which are reproduced hereinbelow, has come to the conclusion that to prove the identity of such parties from w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds of the Company Master Data with the Ministry of Company affairs for these two companies. Whether the creditor continues to do activities/business or not, after the loan is returned by the assessee cannot be of any concern to the appellant and cannot be held against him. 16. In view of the above findings of CIT (A) on the facts of the case as well as the view taken by the Tribunal to give opportunity to the assessee to prove the identity of the lenders, the ingredients to be complied with for invoking section 68 of the Act as held by the Apex Court in case of Principal Commissioner of Income Tax vs. NRA Iron and Steel Pvt Ltd. (supra) cannot be stated to have been violated or ignored because if the assessee would be able to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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